Africa's growth to reach 5.2% in 2014

Published: 08 April 2014

Economic growth rate in Sub-Saharan Africa (SSA) continues to rise from 4.7 per cent in 2013 to 5.2 per cent in 2014 boosted by rising investment in natural resources and infrastructure as well as strong household spending.

This is the outlook contained in the latest Africa Pulse, a twice-yearly World bank analysis of the issues shaping Africa's economic prospects received by the Ghana News Agency (GNA) here Monday.

According to the report, growth is notably buoyant in resource-rich countries including Sierra Leone and the Democratic Republic of Congo (DRC).

It remains steady in Cote d’Ivoire while rebounding in Mali, supported by improved political stability and security.

Capital flows to sub-Saharan Africa has continued to rise, reaching an estimated 5.3 per cent of regional gross domestic product (GDP) in 2013 and significantly above the developing country average of 3.9 per cent.

The report said net foreign direct investment (FDI) inflows to the region grew 16 per cent to a near-record US$43 billion in 2013, boosted by new oil and gas discoveries in many countries including Angola, Mozambique and Tanzania.

With lower international food and fuel prices, and prudent monetary policy, inflation slowed in the region and grew at an annual rate of 6.3 per cent in 2013 compared with 10.7 per cent a year ago.